(Bloomberg) -- The Philippines will now require all financing and lending companies to register with the Anti-Money Laundering Council, report suspicious transactions and comply with other rules aimed at combating money laundering and terrorism financing in the country.
The rules previously applied only to financing and lending firms with more than 40% foreign participation in voting stocks and those with paid-up capital of at least 10 million pesos ($206,100).
“The amendment aims to protect financing and lending companies from abuse and misuse by money launders and terrorists, and more importantly the integrity of the financial system, the overall economy and the people who would ultimately suffer from such illicit activities,” Securities and Exchange Commission Chairman Emilio Aquino said in a statement on Sunday.
Philippine President Rodrigo Duterte earlier this year signed into law a measure boosting the nation's ability to fight money laundering by including offshore gaming and real estate companies in its monitoring list.
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